The big political drama in Washington in the next few months will be the fight over the federal debt ceiling. The worst-case scenario is that Congress refuses to raise the ceiling and the U.S. Treasury defaults on its debt. Since U.S. treasury debt powers the entire world financial system, the result could be a massive global economic crisis. If that happens, how well would the world’s second-biggest economy, China, survive the crash? And would a U.S. default give China an opening to create a new global financial system less dependent on the dollar?